Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
On August 25, the United States District Court for the Northern District of Georgia struck four counts of a complaint filed by the Consumer Financial Protection Bureau because it failed to abide by the Court’s discovery order.
This matter began on March 26, 2015, when the CFPB filed a complaint against 12 debt collectors, four…
On June 8, Assemblyman Troy Singleton (D) introduced New Jersey Assembly Bill 4965, which, if enacted, would closely mirror the Consumer Financial Protection Bureau’s Prepaid Rule, but also would prohibit prepaid account issuers in New Jersey from charging a number of fees to prepaid account holders. Singleton co-sponsored a similar bill in 2012 that …
The Consumer Financial Protection Bureau has issued a formal request for public commentary on proposed changes to the Prepaid Rule, which was issued in October 2016. According to the Bureau, the proposed changes address those concerns raised by prepaid card issuers about potential problem areas for compliance.
The Bureau’s suggested changes would adjust error resolution …
The Consumer Financial Protection Bureau (“CFPB”) sent letters to the top retail credit card companies at the beginning of June, encouraging the companies to use more transparent promotions, citing a major retailer’s decision to end deferred-interest programs associated with its credit card. In the letter, the Bureau outlined its concerns that temporary promotions – such…
In its fifth annual fair lending report, the Consumer Financial Protection Bureau highlighted redlining, mortgage and student loan servicing, and small business lending as areas of focus for 2017. CFPB Director Richard Cordray specifically noted these areas for enhanced enforcement actions, describing them as “significant or emerging fair lending risk to consumers.”
“In 2017…
On May 31, the Consumer Financial Protection Bureau released a report summarizing the complaints the Bureau received from senior citizens since the CFPB opened its doors in July 2011. In its nearly six years of operation, the Bureau has handled approximately 1,163,200 complaints, with 103,100 complaints coming from consumers 62 years of age and older.…
A federal district court in Florida entered summary judgment against SeaWorld in a class action case, finding the theme park violated the Electronic Funds Transfer Act (EFTA) by renewing class members’ contracts during their one-year term and collecting unauthorized payments after the contracts expired.
Lead Plaintiff Jason Herman commenced the action in December 2014, alleging…
In its Form 10-Q dated April 25, 2017 for the quarterly period that ended on March 31, 2017, Chipotle Mexican Grill, Inc. announced that it had detected a data security breach in its electronic processing and transmission of confidential customer and employee information. Specifically, Chipotle’s information security team detected unauthorized activity on the network that …
On April 26, a group of state bank regulators filed a lawsuit to block the Office of the Comptroller of the Currency from issuing special charters to fintech firms. The regulators argue that the OCC fintech charter will improperly displace already effective state laws regulating fintech companies, that the OCC lacks the authority to issue…
At the end of January, the Consumer Financial Protection Bureau published its Prepaid Rule – Small Entity Compliance Guide. The Bureau intends for the Guide to provide a user-friendly summary of the Prepaid Rule, issued in October, but cautions that the Guide is not a substitute for reviewing the Rule, Regulation E, or …
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